- Report: #1334492
Complaint Review: Atom8 Financial Services LLP - Internet
Reported By:
FX Hedge Fund -
London, New York, United Kingdom
Submitted:
Updated:
-
Author Confirmed
Why?
Atom8 Financial Services LLP
Internet, USA
Web:
www.atom8.com
Categories:
Business Rating:
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Atom8 Financial Services LLP Atom8 Atom8 FX Broker Forex Broker Scammed us out of $80,000 London Internet
Dear Readers
I am writing to you after now 5 months from my initial complaint against Mr David Andrews, the Atom8 CEO. We have also complained to the FCA Ombudsman, Police and Legal Authoritieis and are awaiting a conclusion to this absurd matter.
We want the Trading community to be weary of the innocent charm of Mr David Andrews. He attempts to lure clients with his JP Morgan "lawyer" background, but in fact is a breed of the complete opposite. Be cautious when considering this Broker as your home.
We have not heard back from Mr Andrews in 2 months and we strongly invite him to give his comments, instead of avoiding the FACTS!
A little more about what we suffered. Well, our Account was used for Hedging and we were holding many USDJPY (mainly) shorts and longs. Our biggest position was 200 lots and over time our account's swap mark ups were getting insane! Longs were being underpaid by around 350% and Shorts were being overcharged by around 200%.
After heavy investigation, we found that the average long position swap on USDJPY at the time of our trading was 1.49 USD paid per 1 lot held overnight. We were getting charged $0.50 (average) for every 1 lot held and on a 200 lot position held for around 80 days accumulated to around $30,000 of overcharged swap. This went on and on and on, racking up a whopping overcharge and underpayment of $80,000.
If you observe the current charges on the Atom8 MT4, they show completely different rates to that we were charged. The current Demo rates are more in tune with the rates from our investigations (the average broker swap rate for the majors). So why were we targeted? Did Mr David Andrews see us as an easy target? FPA readers, is this fair treatment? Why does Mr David Andrews dodge our questions and ignore us? Why can he not provide us with our Trading Statement to show swap mark ups deducted?
We believe we were singled out and not treated fairly. Typical antics of a B Book (unregulated) broker, not that of a "Pure ECN" David Andrews Atom8.
Also, David Andrews also refused to provide us with a copy of our Trading Statement, showing the exact swap commission or mark-up he took.
We hope the sanity of the Ombudsman prevails in this case and that the $80,000 is rightfully returned back to our Account.
Regards
Daniel
